CESTAT ruled on levy of Redemption fine for steel coils import. DGFT's MIP notification valid. Customs bound by DGFT notifications.

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....The case involved the clearance of hot dipped galvanized steel coils below the minimum import price set by DGFT. The Tribunal upheld the validity of the minimum import price notification u/s 3 of the FTDR Act. The appellant's argument that the notification was not applicable was rejected. The Tribunal emphasized that Customs must adhere to DGFT notifications. Citing a similar case, the Tribunal justified the imposition of a redemption fine. However, considering the unique circumstances, the redemption fine was reduced to Rs. 8,00,000. Appeal partially allowed.....